.One new report says jobs are increasing while a second reports more layoffs
Two jobs reports in advance of tomorrow's federal one suggest that private employers continued to hire in September, but those increases were offset by layoffs by the U.S. military and Bank of America.
According to today’s ADP National Employment Report, employment in the nonfarm private business sector rose 91,000 from August to September on a seasonally adjusted basis.
That increase was offset by 115,730 planned layoffs last month, more than double August's total of 51,114, according to the report from consultants Challenger, Gray & Christmas. This number was the highest since April 2009 when 132,590 layoffs were announced.
“It would be easy to look at the September job-cut figure alongside some of the other less-than-stellar economic news that has been reported lately and draw the conclusion that the economy is indeed headed for a double dip. However, it is important to keep in mind that 80,000 cuts, or nearly 70 percent of last month’s total, came from just two organizations: Bank of America and the United States Army,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
So far, employers have announced 479,064 planned layoffs in 2011, a 16.5 percent increase from the same time period last year, when job cuts totaled 411,272. One-third of the layoffs announced this year came from government employers with 159,588 announced job cuts so far this year. This figure includes 54,182 cuts in September that are part of a five-year troop reduction plan announced by the United States Army.
The financial sector has announced the second-largest number of cuts with 54,013 planned layoffs between Jan. 1 and the end of September. That is up 177 percent from the 19,474 job cuts recorded over the first three quarters of 2010. Of the 54,013 financial job cuts this year, 31,167 occurred in September, with 30,000 resulting from Bank of America’s multi-year workforce reduction plan aimed at saving the struggling bank $5 billion per year.
Small and medium-size companies have done the most hiring this year, according to ADP, with employment at firms with between 50 and 499 workers rising 36,000 in September and payrolls of companies with up to 49 workers increasing 60,000. Employment in the construction industry fell 2,000 in September and employment by companies with 500 or more workers decreased 5,000.
MLive
Stupidity, Ideology, or he's just doing it on purpose.
According to today’s ADP National Employment Report, employment in the nonfarm private business sector rose 91,000 from August to September on a seasonally adjusted basis.
That increase was offset by 115,730 planned layoffs last month, more than double August's total of 51,114, according to the report from consultants Challenger, Gray & Christmas. This number was the highest since April 2009 when 132,590 layoffs were announced.
“It would be easy to look at the September job-cut figure alongside some of the other less-than-stellar economic news that has been reported lately and draw the conclusion that the economy is indeed headed for a double dip. However, it is important to keep in mind that 80,000 cuts, or nearly 70 percent of last month’s total, came from just two organizations: Bank of America and the United States Army,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
So far, employers have announced 479,064 planned layoffs in 2011, a 16.5 percent increase from the same time period last year, when job cuts totaled 411,272. One-third of the layoffs announced this year came from government employers with 159,588 announced job cuts so far this year. This figure includes 54,182 cuts in September that are part of a five-year troop reduction plan announced by the United States Army.
The financial sector has announced the second-largest number of cuts with 54,013 planned layoffs between Jan. 1 and the end of September. That is up 177 percent from the 19,474 job cuts recorded over the first three quarters of 2010. Of the 54,013 financial job cuts this year, 31,167 occurred in September, with 30,000 resulting from Bank of America’s multi-year workforce reduction plan aimed at saving the struggling bank $5 billion per year.
Small and medium-size companies have done the most hiring this year, according to ADP, with employment at firms with between 50 and 499 workers rising 36,000 in September and payrolls of companies with up to 49 workers increasing 60,000. Employment in the construction industry fell 2,000 in September and employment by companies with 500 or more workers decreased 5,000.
MLive
Stupidity, Ideology, or he's just doing it on purpose.
posted by madtom at 10:03 PM
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